HIH Invest Real Estate has sold an office building at Simmeringer Hauptstraße 47-49 in Vienna to the Austrian family office Vivoreal.
Financial details were not disclosed.
The building, constructed in 2007, comprises about 13,000 m2 of lettable office space and features more than 100 underground parking spaces. The building s fully let; the main tenant is BBRZ - Vocational Training and Rehabilitation Centre.
Due to its location directly next to the underground station Zippererstraße and its proximity to the A23, the property is well connected.
HIH Invest acquired the property in 2012 for a closed-end fund and successfully managed it during the holding period.
'After a holding period of more than ten years, we were able to successfully sell the office property in line with our plans. We are pleased to have found a buyer in Familiy Office vivoreal, which has first-class expertise of the Vienna office market,' said Sebastian Pende, head of the Vienna branch of HIH Invest.
Vivoreal specialises in commercial properties.
'We are pleased to add a well-established building in the centre of an up-and-coming district to our portfolio. The acquisition shows how transactions are possible, despite a challenging market environment: by working with reliable partners,' said Vivian-Thomas Wabitsch, managing director of vivoreal.
Christoph Lukaschek, head of investment OTTO Immobilien, the Austrian partner of Knight Frank, added: 'Office properties represent the backbone of the commercial real estate market, especially in the apparent market situation.
'The transaction of a large-volume property once again demonstrates the stability of the local market, but also underlines the importance of private investors in the current environment.'
